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    Breaking News

    NuVasive's First-Quarter Revenue Jumps 16.2 Percent

    Company reports GAAP operating profit margin of 9.3 percent.

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    NuVasive Inc. 05.04.17
     NuVasive Inc. is off to a solid (financial) start this year.

    Revenue jumped 16.2 percent to $250 million in the first quarter (ended March 31), or 16 percent on a constant currency basis. The company reported GAAP (Generally Accepted Accounting Principles) operating profit margin of 9.3 percent and a non-GAAP operating profit margin of 14.1 percent.
     
    "NuVasive is off to a solid start to the year, with our International business exceeding our expectations, and we saw momentum building in our U.S. business as we exited the quarter," said Gregory T. Lucier, chairman and CEO of NuVasive. "We are on track to deliver non–GAAP operating profit margin expansion of at least 100 basis points in 2017, reflecting our continued focus on operational efficiencies and the ramp up of our in-house manufacturing facility. Coupled with several innovative product and systems launches planned for 2017, including LessRay designed for radiation reduction, RELINE Trauma system, expandable cages and UNYTE system for complex fractures, we anticipate strong revenue acceleration for the balance of the year."
     
    The company also announced it amended its existing revolving line of credit to expand the facility from $150 million to $500 million. The credit facility amendment demonstrates NuVasive's opportunistic approach to its capital structure, and provides for a five-year term at reasonable borrowing rates. The company expects the expanded facility to allow greater flexibility in planning for the maturity of its convertible notes due July 2017, and support future investment in organic and inorganic growth initiatives.
     
    For the first quarter 2017, both GAAP and non-GAAP gross profit was $188.3 million, and both GAAP and non-GAAP gross margin was 75.3 percent. These results compared to GAAP and non-GAAP gross profit of $160.9 million and $165.8 million, respectively, and GAAP and non-GAAP gross margin of 74.8 percent and 77.1 percent, respectively, for the first quarter 2016. The lower gross margin profile year-over-year is primarily driven by the expense profile of the Biotronic NeuroNetwork business acquired in July 2016. Total GAAP and non-GAAP operating expenses were $165 million and $152.9 million, respectively, for the first quarter of 2017. These results compared to GAAP and non-GAAP operating expenses of $148.6 million and $135.5 million, respectively, for the first quarter of 2016.
     
    NuVasive reported a GAAP net income of $12.8 million, or 22 cents per share, for the first quarter 2017 compared to a GAAP net loss of $3.4 million, or 7 cents per share, for the first quarter 2016. On a non-GAAP basis, the company reported net income of $20 million, or 38 cents per share, for the first quarter 2017 compared to net income of $17.2 million, or 34 cents per share, for the first quarter 2016. 
     
    Cash, cash equivalents and short and long-term marketable securities were approximately $134 million at March 31.

    Based in San Diego, Calif., NuVasive develops minimally invasive, procedurally-integrated spine solutions. The company's highly differentiated, procedurally-integrated solutions include access instruments, implantable hardware and software systems for surgical planning and reconciliation technology that centers on achieving the global alignment of the spine. With $962 million in revenues (2016), NuVasive has an approximate 2,300 person workforce in more than 40 countries around the world.
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    Related Breaking News

    • Spine/Neurology
      InVivo Therapeutics Attains 25 Percent Enrollment in Spinal Cord Injury Study

      InVivo Therapeutics Attains 25 Percent Enrollment in Spinal Cord Injury Study

      Fourteen sites currently are open for patient enrollment.
      Business Wire 12.09.19

    • BioPrax Biofilm Disruption Device Granted FDA Breakthrough Device Designation

      BioPrax Biofilm Disruption Device Granted FDA Breakthrough Device Designation

      Product is designed to help eliminate biofilm infections on prosthetic knee implants during early intervention procedures.
      PR Newswire 12.09.19

    • Spine/Neurology
      Orthofix Appoints New Spine Business Leader

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      Kevin Kenny was previously VP of U.S. sales for Spine and Biologics at Medtronic.
      Business Wire 12.05.19


    • Packaging & Sterilization
      Viant to Halt EtO Sterilization at Michigan Plant by End of Year

      Viant to Halt EtO Sterilization at Michigan Plant by End of Year

      EGLE had been investigating over the past year and issued Viant several violations for inadequate capture and control of ethylene oxide emissions.
      Michigan Department of Environment, Great Lakes, and Energy (EGLE) 12.04.19

    • Spine/Neurology
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      Synaptive Medical's Modus V Expands Into Spine Market

      Modus V’s robotic arm moves automatically based on the positions of tracked surgical instruments.
      Business Wire 12.04.19

    • 3-D Printing/Additive Mfg. | Biologics | Materials
      3D-Printed Graftless Bone Transplants Go to Clinical Trials

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      ADAM is piloting the use of ceramics and polymer in 3D-printed bone implants, able to be produced at commodity prices.
      PR Newswire 12.04.19


    • Extremities
      CrossRoads Extremity Systems Acquires Implant Systems from Surgical Frontiers

      CrossRoads Extremity Systems Acquires Implant Systems from Surgical Frontiers

      The add-on acquisition furthers CrossRoads' strategy to build a market-leading company in the high-growth orthopedic extremities sector.
      PR Newswire 12.04.19

    • Spine/Neurology
      Micro Spine Implant Could Restore Standing and Walking

      Micro Spine Implant Could Restore Standing and Walking

      Hair-like electrical wires send electrical signals to trigger networks that already know how to do the hard work.
      University of Alberta Faculty of Medicine & Dentistry 12.03.19

    • Spine/Neurology
      RTI Surgical Appoints New Division Leaders

      RTI Surgical Appoints New Division Leaders

      Terry Rich, experienced spine leader, named president, Global Spine; Olivier Visa elevated to president, Global OEM.
      GlobeNewswire 12.03.19


    • KCI Introduces Solution for Challenging Surgical Locations

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      Company's latest technology targets post-operative incisions and surrounding soft tissue.
      Business Wire 12.03.19

    • EOS Imaging Receives FDA 510(k) Clearance for Next-Gen Imaging System

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    • Large Joint
      mediCAD is Now Officially a Medical Device in Japan

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      The product is an orthopedic planning solution for hip, knee, shoulder, hand, leg, or spine surgery.
      mediCAD Hectec GmbH 12.02.19

    • Imaging
      New Generation Imaging System Launched in Europe and Canada

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      EOS Imaging will unveil its EOSedge at the upcoming Radiological Society of North America (RSNA) 2019 Annual Meeting.
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    • Software & Quality
      Survey Identifies Challenges to Improving Product Development Processes

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      81% of medical device companies are not using tools designed for the medical device industry in their quality management processes.
      PRWeb 11.26.19

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      Arthrosurface Inc. 11.26.19


    Breaking News
    • InVivo Therapeutics Attains 25 Percent Enrollment in Spinal Cord Injury Study
    • BioPrax Biofilm Disruption Device Granted FDA Breakthrough Device Designation
    • Orthofix Appoints New Spine Business Leader
    • Viant to Halt EtO Sterilization at Michigan Plant by End of Year
    • Synaptive Medical's Modus V Expands Into Spine Market
    View Breaking News >
    CURRENT ISSUE

    November/December 2019

    • From Nitinol to Nanotubes: A Materials Science Roundtable
    • In Good Repair: Trauma Technologies Under Review
    • Anxious Undertones: A Review of 2019
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